Bitcoin Price Technical Analysis for 31/8/2015 – Another Failed Attempt

In the previous Bitcoin price technical analysis titled Indicators Turning Positive, we discussed that the market participants should remain short on the cryptocurrency. Since then, Bitcoin has touched a high of $235.93 and a low of $226.31 very recently.

This was another failed attempt by the bulls, and a further 3-4 percent cut will complete jeopardize their plans.

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Take a look at the latest technical indications provided by the daily BTC-USD price chart.

Bitcoin Chart Structure – There was another reason that made the recent jump unimpressive: Bitcoin failed to head above its previous high of $237.66. However, things will change significantly in favor of the longs if Bitcoin pierces above $235 (marked as the resistance) in quick time.

Moving Averages – This is one very bearish crossover that the market participants must take a look at. The 30-day SMA of $250.0727 has crossed the 200-day SMA of $250.7289 on the downside. When a short-term moving average crosses a long-term moving average on the downside, it indicates a bearish trend in the short-term.

Moving Average Convergence Divergence – Even while the

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